Former Binance CEO Changpeng Zhao received a presidential pardon from U.S. President Donald Trump on Wednesday, according to an official statement from the White House. The pardon marks a significant shift in the regulatory approach toward the digital asset industry under the current administration.
White House Press Secretary Karoline Leavitt stated that President Trump exercised his constitutional authority in issuing the pardon. She emphasized that the previous administration's approach to digital assets has concluded, signaling a new era for the industry in the United States.
Zhao's Reaction and Future Commitments
Zhao expressed gratitude for the pardon in a post on X, pledging to support efforts to make America the capital of digital assets. He committed to advancing Web3 technology worldwide following the announcement.
Binance's Response and Future Outlook
Binance confirmed the pardon through an official statement expressing appreciation for the development. A company spokesperson stated that CZ's vision not only made Binance the world's largest exchange but also shaped the broader movement in digital assets, thanking President Trump for his leadership and commitment to making the U.S. the global hub for the industry.
The platform remains focused on building a secure, transparent, and user-first system that reduces fees and increases financial access for everyone. Current CEO Richard Teng emphasized that the company stands ready to support policymakers in the U.S. and globally in their efforts to create a more open and accessible financial future.
The pardon potentially allows Zhao to return to executive operations at Binance, where he remains the largest shareholder. Teng stated that the development represents how far the industry has progressed, noting the company is building the next chapter with an emphasis on increasing access, trust, and global innovation.
Background of Zhao's Departure and Sentencing
Zhao had stepped down from his CEO position in November 2023 as part of an agreement with U.S. authorities. He was released from a four-month incarceration period in September 2024, having paid a $50 million fine while Binance agreed to a $4.3 billion settlement.
Precedent for Digital Asset Pardons
The Trump administration has granted clemency to several prominent figures in the digital asset sector since taking office in January. Previous pardons included BitMEX co-founders Arthur Hayes and others, as well as Silk Road founder Ross Ulbricht, demonstrating a consistent approach toward the industry.
Market Reaction and Ecosystem Connections
BNB, the native token originally created for Binance exchange and now serving BNB Chain, gained approximately 3% in the minutes following the pardon announcement. The asset's positive price movement reflected market optimism about potential developments for the ecosystem.
Binance recently secured a $2 billion investment from Abu Dhabi-based sovereign wealth fund MGX, which utilized the Trump-backed World Liberty Financial's USD1 stablecoin for the transaction. The exchange maintains strong connections to various blockchain initiatives, including support for multiple networks and tokens across the industry.